Super Mario’s back: Former ECB boss Draghi sworn in as Italian prime minister
Mario Draghi, former head of the European Central Bank (ECB), has been sworn in as the new prime minister of Italy.
Draghi has taken the reins as the head of a unity government formed after the coalition government led by Giuseppe Conte collapsed last month.
Following weeks of talks, all but one of Italy’s main political parties have thrown their weight behind Draghi, and his cabinet includes politicians from across the political spectrum.
Luigi Di Maio, leader of the anti-establishment Five Star Movement remains as foreign minister while Giancarlo Giorgetti, a senior figure in the League party will be industry minister.
He has also appointed technocrats to key posts, including the finance ministry and a new green transition portfolio.
Italy’s political establishment has been mired by instability. The new government is Italy’s 67th since 1946 and the seventh in the last decade alone.
Draghi must now confront the coronavirus crisis, which has left Italy with Europe’s second-highest death toll after the UK.
He will also be tasked with tackling an economic slump that has left the country with a debt load at almost 160 per cent of output.
Draghi is set to lay out plans on how to spend €200bn (£175bn) in EU funds aimed at rebuilding the economy.
His progress in tackling the downturn is likely to be closely watched elsewhere in the eurozone, which has long been roiled by Italy’s economic difficulties.